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IRC secures waivers for US$340M facility with Chinese bank

Industrial and Commercial Bank of China Ltd. confirmed that all conditions were fulfilled to grant waivers to IRC Ltd. in connection with a US$340 million project finance facility for its Kimkano-Sutarsky Mining and Beneficiation Plant LLC subsidiary.

IRC said Dec. 31 that it now has waivers from obligations to maintain the debt service reserve account and obligations of the K&S iron ore mine in Russia and its guarantor, Petropavlovsk PLC, to comply with certain financial covenants until the earlier of March 21, 2019, or the date the facility is released.

The company recently secured a US$240 million facility from Gazprombank JSC for refinancing with Industrial and Commercial Bank of China and to repay Petropavlovsk loans.